Symbiotec Pharmalab shares list at par with IPO issue price on NSE

Pharma and biotech company Symbiotec Pharmalab's shares were listed at ₹988 per unit on the National Stock Exchange (NSE) on Tuesday, September 1. This is at par with the IPO issue price of ₹988 per share.

The stock debuted at ₹978.20 per share on the BSE (formerly Bombay Stock Exchange), down 0.99% from the issue price.

Symbiotec Pharmalab share price: Here's how much investors made per lot

The initial share sale was subscribed 71.26 times. It got bids for 93,52,49,700 shares against 1,31,24,929 shares on offer, according to the NSE data.

The initial public offering aimed to raise ₹1,757 crore through fresh issuance of equity shares valued at ₹150 crore and an offer for sale (OFS) component of ₹1,607 crore.

Those who offloaded their stake via the OFS route include promoter Satwani Holdings LLP and investors Rosewood Investments and India Business Excellence Fund – III.

The net proceeds from the issue will be used for repayment of certain borrowings and corporate general purposes.

Prior to the IPO, the company mobilised ₹526 crore from anchor investors, including Motilal Oswal Mutual Fund, HDFC Mutual Fund (MF), ICICI Prudential Mutual Fund, Bajaj Life Insurance, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius, Tata Mutual Fund, Mirae Asset, Tata AIA Life Insurance and Edelweiss Mutual Fund, among others.

Symbiotec Pharmalab Ltd is a pharmaceutical and biotechnology company engaged in developing and making active pharmaceutical ingredients or APIs, nutritional ingredients and speciality products.